Reserve Bank of Australia: Stablecoins and bank deposit tokens can complement each other to drive the tokenized economy.

CoinFeed reported on March 25th, citing The Block, that Brad Jones, Assistant Governor of the Reserve Bank of Australia (RBA), stated that the bank is no longer discussing the role of tokenization in the wholesale market, but rather focusing on its implementation. Stablecoins and bank deposit tokens can play complementary roles in the tokenization process. The Centre for Digital Finance Collaboration estimates that asset and currency tokenization could bring approximately $16.7 billion in efficiency gains to the Australian economy annually. Jones pointed out that stablecoins can function in smaller, emerging tokenization markets, while bank deposit tokens are more advantageous in larger markets. The RBA will collaborate with multiple regulatory bodies and industry participants to launch a series of initiatives, including establishing a digital finance market infrastructure sandbox, expanding the deposit token working group, and forming a regulatory and industry tokenization advisory group.